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Author Topic: Save the Chain! Whale puts $500,000 Bounty up for grabs to miners  (Read 1606 times)
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May 04, 2017, 12:35:50 AM
 #1

https://www.reddit.com/r/btc/comments/69318u/save_the_chain_enclosed_1_mb_transaction_with_273/

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May 04, 2017, 12:56:27 AM
 #2

Thanks for sharing the link. Would definitely be a good payday for the miner that scores it.

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May 04, 2017, 01:35:07 AM
 #3

The entire thread is golden.

Unfortunately, there is as of yet no tutorial on how to to take one of the anyone-can-spend outputs from the transaction, and bundle that with more bitcoin of your own. This would create a child transaction that would add to the miner incentive.

I'm gathering one will be along any moment now.

mewn.

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May 04, 2017, 01:38:05 AM
 #4


Half a million dollars to increase the block size? But this doesn't really help. If it is just one miner who customizes his software and mines the block, it will be rejected by all the other nodes. So he will get just an orphan block and no bounty for all his efforts.

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May 04, 2017, 01:44:04 AM
 #5


Half a million dollars to increase the block size? But this doesn't really help. If it is just one miner who customizes his software and mines the block, it will be rejected by all the other nodes. So he will get just an orphan block and no bounty for all his efforts.

if the miners can organize to spend half the bounty to the next miner etc... it could cause miners to activate BU so they can get it.


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May 04, 2017, 04:31:36 AM
 #6

Thanks for sharing the link. Would definitely be a good payday for the miner that scores it.

Well the only way for someone to be able to score this payday is going to be if the maximum block size limit is increased, so it's not going to be a pay day in the future and I highly doubt it'll ever be a good payday. This is simply showing support and throwing money at miners to come to the side of BTU instead of the real solution that'll work, which we know is Segwit. I wouldnt expect anything less than this with Ver and his cronies who are just paying a disgusting amount of money to try to take over the Bitcoin.

Fuck you ver.



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jonald_fyookball
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May 04, 2017, 04:51:59 AM
 #7

Thanks for sharing the link. Would definitely be a good payday for the miner that scores it.

Well the only way for someone to be able to score this payday is going to be if the maximum block size limit is increased, so it's not going to be a pay day in the future and I highly doubt it'll ever be a good payday. This is simply showing support and throwing money at miners to come to the side of BTU instead of the real solution that'll work, which we know is Segwit. I wouldnt expect anything less than this with Ver and his cronies who are just paying a disgusting amount of money to try to take over the Bitcoin.

Fuck you ver.

The real solution that'll work is simply increasing the blocks to 2mb for the time being.

Who has more of Bitcoin's best interest -- guys with lots of Bitcoin (Ver) or guys with lots of fiat (Blockstream).


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May 04, 2017, 04:54:55 AM
 #8

just thinking out load:
transaction fees used to be 0.3-0.5BTC at best before the severe spam attack on network started. price was about $600-$700 (if i am generous with my calculations) meaning ~$300 per block was the bonus reward.

blocks are 1 MB, spam attack is at the peak, total fees are about 1.5BTC per block and price is $1500. miners are making $2250 bonus per block.

$500,000 is 333.33BTC = only 222 blocks fee reward (bonus).

144 blocks are being mined each day!

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May 04, 2017, 05:04:32 AM
 #9

just thinking out load:
transaction fees used to be 0.3-0.5BTC at best before the severe spam attack on network started. price was about $600-$700 (if i am generous with my calculations) meaning ~$300 per block was the bonus reward.

blocks are 1 MB, spam attack is at the peak, total fees are about 1.5BTC per block and price is $1500. miners are making $2250 bonus per block.

$500,000 is 333.33BTC = only 222 blocks fee reward (bonus).

144 blocks are being mined each day!

well a full day worth of blocks is a lot.  to a 10% mining pool thts 10 days...and a big % of net profit... not to mention, we can grow the honeypot Smiley

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May 04, 2017, 06:20:22 AM
 #10

Ok, It looks like the mindset is as follows : If we cannot convince them that BU is the best scaling solution, we might be able to buy their support. So let's throw more money at the problem and see if they will fall for that. This is turning into a 3 ring circus show. ^lol^

Take a guess who is the clowns. ^hmmmmm^

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May 04, 2017, 09:42:53 AM
 #11

My understanding of this is that the miners could reject both BU and segwit and still get the reward, right?

They could rally together and propose a new version of the software with just the one single change of raising the block size to say 2MB, rally nodes to accept just that one change, then mine the reward.

It is a hard fork, correct?

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May 04, 2017, 09:51:39 AM
 #12

My understanding of this is that the miners could reject both BU and segwit and still get the reward, right?

From what I've read on reddit
Quote
can only be included on the blockchain if the maximum block size limit is raised,
so it sounds to me like a bait to force BU hardfork.

I think that the transaction has a better chance to get discarded than accepted....

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May 04, 2017, 10:14:08 AM
 #13

Great now we have another consensus mechanism, PoB (Proof-of-Bribery).

We can now add that to the other ugly consensus mechanisms, PoD and PoP (Proof-of-DDOS and Proof-of-Propaganda).

EDIT: Forgot PoCO (Proof-of-Contractual-Obligation).

Scaling and transaction rate: https://bitcointalk.org/index.php?topic=532.msg6306#msg6306
Do not allow demand to exceed capacity. Do not allow mempools to forget transactions. Relay all transactions. Eventually confirm all transactions.
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May 04, 2017, 11:05:46 AM
 #14

This is the output that is being spent:
https://blockchain.info/tx/3cf91bf8163488bac8a884a0bc27462ef80f23f30fed23582c92f93a4e2e0fce
(You know, in case someone wanted to "follow the money").

It's fun to see a tx with 99943 new outputs!

Has anyone decoded this TX, it is too weird! I think it is spending more than it can.

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May 04, 2017, 11:44:59 AM
 #15

Wonderful!

Let the one WHO PAYS MORE decide the fate of Bitcoin. not at ALL short sighted!.. technically SOUND!.. backed by good, solid, arguments.. 

Who decides !? Not the smartest, or most knowledgeable, or most invested, or the Users.. or etc etc.. but the RICHEST.. HAHA!

genius. great. brilliant .. ..

..

oh.. wait.. it's a totally shit idea.. Must be Ver's..

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May 04, 2017, 11:48:38 AM
 #16

Thanks for sharing the link. Would definitely be a good payday for the miner that scores it.
No, it would not. It would trigger a chain split, and considering the current amount of miners in support of >1 MB blocks, the whole chain would likely get orphaned. The only thing this would cause is losses.

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May 04, 2017, 02:49:39 PM
 #17

fake news

BU is gone. No one wants this crap
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May 04, 2017, 02:53:13 PM
 #18

Why is BU trying so hard to block _meaningful_ capacity increases on Bitcoin? Litecoin (etc) is showing how straightforward it is to implement Segwit and the Lightning Network as the core development community envisaged. Yet BU continues with their blockchain bloat proposal instead of solutions that would dramatically scale Bitcoin. Sad.

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May 04, 2017, 03:01:32 PM
 #19

I have mixed feelings about this.

Firstly, I think that the technical idea behind this solution to motivate miners to upgrade blocksize and constructing such transaction is brilliant.
From the other hand, I don't believe that this is the way to go at all. It is a dirty way to influence miners and motivate their greed above all else.
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May 04, 2017, 03:08:57 PM
 #20

What is the plan B of Core besides SW and if miners were to choose between a Core with 2MB support implemented and BU?

If blocksize is about to increase this way then better it be done with Core version rather than an unstable and often buggy version which is BU.

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